About Loopring (LRC)
 

Overview

Loopring (LRC) is a decentralized exchange and an open protocol. The official webpage states it "is not only a protocol but also a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counterparty risk and reducing the cost of trading." They aim to build the financial system of the future. To do all of this, Loopring incorporates Reduced Counterparty & Exchange Risk, a Decentralized approach, Ring Matching, Order Sharing and Cross-chain protocol. The website for Loopring includes a Whitepaper for Chinese and English, with the English readers being able to enjoy a simplified version, should they so prefer.

Technology

LRC's capabilities in regards to "Ring-matching" are of particular interest; the website promises that LRC is to increase levels of liquidity in trading areas, at a rate many times higher than what was previously possible through said markets. Loopring's team state that the coin can be safely traded, regardless of whether exchanges go bankrupt or not, because of the way that the blockchains for LRC are designed and implemented. In addition to all this, Loopring suggests that traders can continue shifting coins around after the initial trade - inferring that they will keep track of all balances and process them at the initially quoted rate. LRC interacts well with ERC-20 tokens. All ERC-20 tokens can be traded under Loopring. Another interesting mention is that Loopring aims to use game theory to optimize trade results, after breaking orders down into smaller components - so this may lead to newer, innovative practices in regards to how people make orders through exchanges in the first place.

Future Focus

The goal for Loopring is to create a platform where inter-digital currency exchanges are a seamless and frictionless process. Looking forward, Loopring hopes to gain support from other digital currencies, some well-known organisations that have already backed Loopring are; NEO Council, Qtum Foundation, Fintech Blockchain Group and ICO 365. For more information regarding Loopring visit the official webpage or read over the Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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